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-44.26  /  -0.73%


NAV on 2020/02/25
NAV on 2020/02/24 6111.83
52 week high on 2019/05/06 6968.42
52 week low on 2020/02/25 6067.57
Total Expense Ratio on 2019/12/31 1.17
Total Expense Ratio (performance fee) on 2019/12/31 0
NAV Incl Dividends
1 month change -4.66% -4.66%
3 month change -5.11% -5.11%
6 month change -0.87% 1.42%
1 year change -11.52% -7.91%
5 year change -0.72% 2.93%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 557.05 5.39%
Consumer Goods 241.30 2.33%
Consumer Services 626.25 6.06%
Financials 2022.94 19.57%
General Equity 115.31 1.12%
Industrials 1337.24 12.94%
Liquid Assets 2428.80 23.50%
Technology 12.82 0.12%
Offshore 2995.68 28.98%
  • Top five holdings
FINANCIALS 2022.94 19.57%
GOVTISSUPAPER 1926.01 18.63%
INDUSTRIALS 1337.24 12.94%
CONSUMERSRVS 626.25 6.06%
BASICMATERIAL 557.05 5.39%
  • Performance against peers
  • Fund data  
Management company:
PSG Collective Investments (RF) Ltd.
Formation date:
ISIN code:
Short name:
Medium - High
South African--Multi Asset--High Equity
Inflation plus 5%
Contact details




  • Fund management  
PSG Asset Management (Pty) Ltd.
Justin Floor
Justin holds a BBusBc (Hons) in Actuarial Science, Mathematical Statistics and Finance as well as an MPhil in Mathematics of Finance from the University of Cape Town. He is a qualified actuary (FASSA designation) and has successfully completed the CFA exams. Prior to joining Kagiso, Justin was employed as an Actuarial Specialist at Old Mutual where he was responsible for asset-liability management, economic capital modelling and group actuarial financial reporting.
Dirk Jooste

  • Fund manager's comment

PSG Balanced comment - Mar 19

2019/05/24 00:00:00
Current context Global equity markets recovered sharply in the first quarter of 2019. The MSCI World Index delivered a total return of 12.6% and the MSCI Emerging Markets Index returned 9.9%. The JSE’s recovery was more lacklustre: the FTSE/JSE All Share Index gained 8.0% and was dominated by rand hedges, especially resources and Naspers. Domestic counters were material underperformers. The FTSE/JSE Small Cap Index lost 3.4% and financials declined over the quarter.
Local fixed income assets experienced some tailwinds from Moody’s decision to keep South Africa’s credit rating unchanged. This has resulted in the sovereign yields reducing slightly, as local and foreign investors continue to see value in South African government bonds. Anchored inflation - well within the South African Reserve Bank’s (SARB’s) 3% to 6% target band - has further supported yields, as the SARB has taken a more neutral stance on interest rates and maintained the existing repurchase rate of 6.75%.
Our perspective As we have noted for some time, there is pervasive fear in certain parts of investment markets. This is in complete contrast to other areas that are well owned and in which investors are inclined to be complacent. Markets therefore continue to be characterised by wide valuation divergences. We are finding far more opportunities in those parts where investors are fearful, especially in the SA Inc. part of the domestic market, which has endured tough economic conditions and aggressive selling by foreigners in recent years. In fact, our bottom-up analysis is indicating valuations usually seen in deep bear markets. For longer-term investors who can ride out the storm, the return profile from carefully selected securities at such low valuation levels is promising.
Equally as encouraging is the fact that the opportunities we’re finding extend across almost all asset classes - a rare position to be in. We believe that this has allowed us to build diversified portfolios with favourable odds of achieving their mandates under a range of possible outcomes. We’re excited both by the opportunity set, and by the balanced nature of our funds’ investments.
Portfolio positioning Equity exposure increased from 64.5% to 66.2% over the quarter, as the fund took advantage of the opportunities presented to buy shares in above-average quality global companies at attractive margins of safety.
The fund reduced corporate bond exposures as instrument prices reached our estimates of intrinsic value. Given that these are illiquid instruments, their hurdle for inclusion in the fund is high. As real yields in long-dated government nominal and inflation-linked bonds remain compelling, the fund has been adding to existing positions.
Overall cash levels of 7.1% have not changed over the quarter. The fund retains the valuable option to be a liquidity provider at attractive asset price levels if episodes of market disruption occur in the future.
  • Fund focus and objective  
The PSG Balanced Fund is a specialised portfolio, having the primary objective of long-term growth of capital and a reasonable level of income for investors. The manager shall seek to achieve this objective through active management of a portfolio of assets which comprise a mix of securities, non-equity securities and assets in liquid form. The fund manager has applied a constraint in the mandate of this fund to ensure this fund complies with Regulation 28. The investment policy allows the fund to include listed and unlisted financial instruments (derivatives)

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